All Mutual Fund Categories in India 2026: Complete Guide

Mutual fund names might have a lot in common; however, the portfolio invested in by such funds will differ from each other. The large cap fund should have major investments in large companies. Liquid fund should contain short maturity debt instruments. Index fund should be in line with a certain index, and hybrid fund contains at least two asset classes.

This way, the category gives an idea about the investments that are made by the scheme and minimum requirements for investments. This makes the category more relevant than the scheme name for comparison of mutual funds.

SEBI introduced categorization and rationalization framework on 26 February 2026. According to this framework, mutual fund schemes are classified into following broad categories: Equity Schemes, Debt Schemes, Hybrid Schemes, Life Cycle Funds and Other Schemes.

Broad Group	What It Mainly Covers
Equity Schemes	Funds that invest predominantly in equity and equity-related instruments
Debt Schemes	Funds that invest predominantly in debt and money market instruments
Hybrid Schemes	Funds that combine equity, debt and other permitted asset classes
Life Cycle Funds	Target-date funds that follow a pre-defined glide path
Other Schemes	Index funds, ETFs and domestic or overseas fund of funds

Equity Mutual Fund Categories

Equity schemes invest mainly in shares. Some categories are based on company size, while others follow a particular investment style, sector or theme. The percentages below are minimum allocations under the February 2026 framework.

Official Category	What It Does	Minimum Allocation
Multi Cap Fund	Invests across large, mid and small cap stocks	Minimum 25% each in large, mid and small cap companies; 75% total across the three segments
Large Cap Fund	Invests predominantly in large cap companies	Minimum 80% in large cap companies
Large and Mid Cap Fund	Combines large cap and mid cap exposure	Minimum 35% each in large cap and mid cap companies
Mid Cap Fund	Invests predominantly in mid cap companies	Minimum 65% in mid cap companies
Small Cap Fund	Invests predominantly in small cap companies	Minimum 65% in small cap companies
Flexi Cap Fund	Can move across large, mid and small cap stocks	Minimum 65% in equity and equity-related instruments
Dividend Yield Fund	Invests mainly in dividend-yielding stocks	Minimum 80% in equity and equity-related instruments
Value Fund	Follows a value-investing strategy	Minimum 80% in equity and equity-related instruments
Contra Fund	Follows a contrarian investment strategy	Minimum 80% in equity and equity-related instruments
Focused Fund	Runs a concentrated portfolio of no more than 30 stocks	Minimum 80% in equity and equity-related instruments
Sectoral Fund	Invests in one specified sector	Minimum 80% in the stated sector
Thematic Fund	Invests around one theme that may cover two or more sectors	Minimum 80% in the stated theme
ELSS Tax Saver Fund	An equity-linked savings scheme governed by the applicable ELSS rules	Minimum 80% in equity and equity-related instruments

Complete Equity Table

Fund Name	What It Does	Asset Allocation
Large Cap Fund	Invests mainly in large-cap companies	Minimum 80% in large-cap companies
Mid Cap Fund	Invests mainly in mid-cap companies	Minimum 65% in mid-cap companies
Small Cap Fund	Invests mainly in small-cap companies	Minimum 65% in small-cap companies
Large and Mid Cap Fund	Invests in both large-cap and mid-cap companies	Minimum 35% each in large-cap and mid-cap companies
Mid and Small Cap Fund	Combines exposure to mid-cap and small-cap companies	The Excel lists minimum 35% each; verify the formal category and current SID
Bluechip Fund	Invests mainly in established large-cap companies	Normally follows a Large Cap mandate: minimum 80% in large-cap companies; verify the current SID
Multi Cap Fund	Invests across large, mid and small-cap companies	Minimum 25% each in large, mid and small-cap companies
Flexi Cap Fund	Can invest across large, mid and small-cap companies	Minimum 65% in equity; no fixed market-cap split
ELSS Tax Saver Fund	An equity-linked tax-saving scheme	Minimum 80% in equity; lock-in and tax treatment follow applicable rules
Focused Fund	Runs a concentrated portfolio of no more than 30 stocks	Minimum 80% in equity under the 2026 framework
Contra Fund	Uses a contrarian strategy and may buy businesses that the market currently undervalues	Minimum 80% in equity under the 2026 framework
Sectoral / Thematic Fund	Invests in a specified sector or follows a defined theme	Minimum 80% in the stated sector or theme
Index Fund	Passively tracks a specified market index	Minimum 95% in securities of the index being tracked
Aggressive Hybrid Fund	Combines a higher equity allocation with debt	65% to 80% equity and 20% to 35% debt
Conservative Hybrid Fund	Keeps most of the portfolio in debt with limited equity	75% to 90% debt and 10% to 25% equity
Multi Asset Fund	Invests across at least three asset classes	Minimum 10% in each of at least three asset classes
Multi Asset Omni Fund	Uses active and passive underlying funds for multi-asset exposure	If structured as a FoF, at least 95% in underlying fund or funds
Balanced Advantage Fund	Dynamically changes its equity and debt mix	No single universal range; allocation follows the scheme mandate and SID
Value Fund	Follows a value-investing strategy	Minimum 80% in equity under the 2026 framework
Diversified Equity All Cap Omni Fund	Uses underlying schemes to obtain diversified exposure across market caps	If structured as an Omni FoF, at least 95% in underlying fund or funds
Fund of Funds (FoF)	Invests in one or more underlying mutual funds or ETFs	Minimum 95% in underlying fund or funds under the 2026 framework
Growth Opportunities Fund	Targets companies considered to have strong growth potential	Product or strategy name; allocation follows its formal category and SID
Children's Gift Fund	An older solution-oriented name used for a child's long-term goals	Check the latest merger, revised classification, lock-in and SID
Arbitrage Fund	Uses price differences between cash and derivatives markets	Minimum 65% in equity and equity-related instruments while following an arbitrage strategy
Dividend Yield Fund	Invests mainly in dividend-yielding companies	Minimum 80% in equity under the 2026 framework
Equity and Debt Fund	Combines equity and debt in one portfolio	Allocation depends on its formal hybrid category and SID
Momentum Fund	Uses a momentum strategy or tracks a momentum index	Product, factor or passive strategy name; verify the formal category and SID
Floater Fund	Invests mainly in floating-rate debt instruments	Minimum 65% in floating-rate instruments under the relevant debt category

Sectoral and Thematic Fund Examples

Sectoral and thematic funds follow the same basic allocation rule: at least 80% must be invested in the stated sector or theme. The difference lies in scope. A sector fund focuses on one industry, while a theme can include companies from several related industries.

Name Seen in the Category List	How It Should Be Understood
India Consumption Fund	A consumption-focused thematic scheme if the mandate covers several consumption-related sectors
Banking and Financial Services Fund	A sectoral fund focused on banking and financial-services companies
Business Cycle Fund	A thematic strategy that changes sector exposure according to the business cycle
Pharma and Healthcare Fund	A sectoral or thematic scheme focused on healthcare-related businesses
Defense Fund	A theme or sector-oriented scheme focused on defense-linked companies
Manufacturing Fund	A thematic scheme focused on manufacturing-related companies
Digital India Fund	A technology or digital-economy theme
PSU Fund	A theme focused on listed public sector undertakings
Dividend Yield Fund	A separate official equity category, not a sectoral fund

Banking and PSU Debt Fund should not be placed in the equity sectoral list. It is an official debt category and is explained in the debt section below.

Investment Style Names That Need Care

Name	Correct Interpretation
Growth Opportunities Fund	A scheme or strategy name, not a separate category in the 2026 SEBI equity table
Momentum Fund	Often a factor-based index or strategy name; its formal category may be an index fund, ETF, thematic fund or another permitted structure
Diversified Equity All Cap	A descriptive phrase; the formal category must be confirmed from the scheme document
Equity and Debt Fund	A descriptive product name generally associated with a hybrid category; the exact hybrid category depends on its allocation limits

Growth Opportunities Fund and Momentum Fund are retained from the supplied Excel list. Their exact allocation cannot be assumed from the name alone. The scheme's formal category and latest asset-allocation table remain authoritative.

Debt Mutual Fund Categories

Debt funds invest in bonds, treasury bills, government securities and money market instruments. Their categories are defined by maturity, portfolio duration, issuer type, credit quality or sector. Debt funds can still carry interest-rate, credit and liquidity risk.

Official Category	Main Investment Focus	Category Rule
Overnight Fund	Overnight securities with one-day maturity	May use a limited portion of eligible short government securities for specified collateral purposes
Liquid Fund	Debt and money market securities	Maturity of up to 91 days
Ultra Short Term Fund	Debt and money market instruments	Portfolio Macaulay duration of 3 to 6 months
Ultra Short to Short Term Fund	Debt and money market instruments	Portfolio Macaulay duration of 6 to 12 months
Money Market Fund	Money market instruments	Maturity of up to one year
Short Term Fund	Debt and money market instruments	Portfolio Macaulay duration of 1 to 3 years
Medium Term Fund	Debt and money market instruments	Normally 3 to 4 years, with permitted flexibility in an anticipated adverse situation
Medium to Long Term Fund	Debt and money market instruments	Normally 4 to 7 years, with permitted flexibility in an anticipated adverse situation
Long Term Fund	Long-duration debt and money market instruments	Portfolio Macaulay duration greater than 7 years
Dynamic Term Fund	Invests across durations	Duration changes according to the fund strategy
Corporate Bond Fund	Predominantly higher-rated corporate bonds	Minimum 80% in AA+ and above rated corporate bonds
Credit Risk Fund	Predominantly lower-rated corporate bonds	Minimum 65% in AA and below rated corporate bonds, excluding AA+
Banking and PSU Debt Fund	Debt issued by banks, PSUs, public financial institutions and municipal bodies	Minimum 80% in the specified instruments
Gilt Fund	Government securities across maturities	Minimum 80% in government securities
10 Year Constant Maturity Gilt Fund	Government securities with a constant maturity profile	Minimum 80% in government securities; portfolio Macaulay duration equal to 10 years
Floating Interest Rates Fund	Floating-rate exposure, including permitted converted exposure	Minimum 65% in floating-rate instruments
Sectoral Debt Fund	Debt from one permitted sector across duration	Minimum 80% in AA+ and above debt instruments of the chosen sector

Older and Descriptive Debt Names

Several names in the spreadsheet do not match the current official category labels. They should be mapped carefully instead of presented as separate SEBI categories.

Name in the Spreadsheet	Current Reading
Low Duration Fund	The 6-to-12-month band appears as Ultra Short to Short Term Fund in the 2026 table
Dynamic Bond Fund	The 2026 category name is Dynamic Term Fund
Floating Rate Debt Fund or Floater Fund	The 2026 category name is Floating Interest Rates Fund
Government Securities Fund	Usually needs to be checked against Gilt Fund or 10 Year Constant Maturity Gilt Fund
Income Fund	A legacy or descriptive name; the current duration-based category should be checked
All Seasons Bond Fund	A product or marketing name, not a separate category in the 2026 debt table

Hybrid Mutual Fund Categories

Hybrid funds combine equity and debt, and some may also use other permitted asset classes. The allocation range determines the formal category.

Official Category	Allocation	How It Works
Conservative Hybrid Fund	10% to 25% equity and 75% to 90% debt	Predominantly debt-oriented
Balanced Hybrid Fund	40% to 60% equity and 40% to 60% debt	No arbitrage permitted in this category
Aggressive Hybrid Fund	65% to 80% equity and 20% to 35% debt	Predominantly equity-oriented
Dynamic Asset Allocation Fund	Equity and debt allocation managed dynamically	Allocation changes under the scheme strategy
Multi Asset Allocation Fund	At least three asset classes with at least 10% in each	May include equity, debt and other permitted assets
Arbitrage Fund	Minimum 65% in equity and equity-related instruments while following an arbitrage strategy	Debt exposure is restricted as prescribed for the category
Equity Savings Fund	Minimum 65% equity, 15% to 40% net equity and minimum 10% debt	Uses equity, arbitrage and debt together

Balanced Advantage Fund is a widely used scheme name for dynamic asset allocation strategies. The official category in the 2026 table is Dynamic Asset Allocation Fund, and the circular does not set a universal 30% to 80% equity range for every scheme. The exact range must be read from the scheme document.

Additional Name from the Excel List	How It Fits	Allocation
Hybrid Aggressive Fund	Same practical reference as Aggressive Hybrid Fund	65% to 80% equity and 20% to 35% debt
Hybrid Conservative Fund	Same practical reference as Conservative Hybrid Fund	75% to 90% debt and 10% to 25% equity
Balanced Advantage Fund	Common name for a Dynamic Asset Allocation Fund	Dynamic; use the allocation range stated in the SID
Multi Asset Fund	Multi Asset Allocation Fund	At least three asset classes with minimum 10% in each
Multi Asset Omni	Usually an Omni FoF using active and passive multi-asset underlying schemes	At least 95% in underlying fund or funds when structured as a FoF
Equity and Debt Fund	A descriptive name that must map to a formal hybrid category	Depends on the formal hybrid category and SID

Life Cycle Funds

Life Cycle Funds are a separate category under the 2026 framework. They have a pre-determined maturity and follow a glide path that changes the mix of equity, debt and other permitted assets as the maturity date approaches.

The earlier Solution Oriented Schemes category was discontinued from the date of the circular. Existing retirement and children's schemes were required to stop new subscriptions and be merged with another scheme having a similar allocation and risk profile, subject to SEBI approval.

Name in Older Material	Status Under the 2026 Framework
Retirement Savings Fund Aggressive	Not a separate current category; check the merger or revised scheme communication
Retirement Savings Fund Dynamic	Not a separate current category; do not assume it is the same as a Life Cycle Fund
Retirement Savings Fund Conservative	Not a separate current category; check the latest official scheme status
Children's Gift Fund	Part of the older solution-oriented naming; check the latest merger or revised classification

Index Funds and ETFs

Index funds and ETFs are passive schemes. They aim to replicate or track a specified index instead of selecting securities through an active stock-picking strategy. Under the 2026 framework, at least 95% of total assets must be invested in the securities of the index being tracked.

Example from the Spreadsheet	Index Followed	Minimum Index Allocation
Nifty 50 Index Fund	Nifty 50	95%
Nifty Next 50 Index Fund	Nifty Next 50	95%
Nifty 100 Index Fund	Nifty 100	95%
Nifty Midcap 150 Index Fund	Nifty Midcap 150	95%
Nifty Smallcap 250 Index Fund	Nifty Smallcap 250	95%
Nifty LargeMidcap 250 Index Fund	Nifty LargeMidcap 250	95%
Nifty 500 Index Fund	Nifty 500	95%
Sensex Index Fund	BSE Sensex	95%
Sector Index Fund	A specified sector index	95%
Thematic Index Fund	A specified thematic index	95%
International Index Fund	A specified overseas index	95% under the passive-scheme rule, subject to the scheme structure

An index fund is bought or redeemed through the mutual fund. An ETF trades on a stock exchange. Both can track an index, but the transaction method and trading requirements differ.

Fund of Funds

A fund of funds invests through one or more underlying mutual funds or ETFs. Under the 2026 category table, a domestic or overseas FoF must invest at least 95% of total assets in the underlying fund or funds.

The words Active, Passive and Omni in the spreadsheet are best understood in the FoF framework. An Active FoF invests through actively managed underlying schemes, a Passive FoF uses passive underlying schemes, and an Omni FoF can combine active and passive underlying funds. Omni is not a separate direct-equity or hybrid category.

FoF Structure	Typical Exposure
Fund of Fund or FoF	At least 95% in the underlying fund or funds under the 2026 category rule
Domestic Equity FoF	One or more domestic equity mutual funds or ETFs
Domestic Debt FoF	One or more domestic debt schemes
Hybrid FoF	Underlying aggressive hybrid, conservative hybrid, dynamic allocation, income-plus-arbitrage or multi-asset schemes
Commodity FoF	Underlying gold, silver or other permitted commodity schemes
Overseas Country FoF	An underlying fund focused on one country
Overseas Regional FoF	An underlying fund focused on a region
Overseas Sector or Thematic FoF	An overseas sector or theme
Domestic and Overseas FoF	A combination of eligible domestic and overseas underlying funds

Multi Asset Omni and Diversified Equity All Cap Omni from the Excel list are therefore retained as FoF-style descriptions. They should not be presented as separate direct-equity categories without checking the Scheme Information Document.

Commodity Funds

Gold and silver exposure may be offered through ETFs or fund of funds. The formal classification depends on the structure. A Gold ETF or Silver ETF falls under passive schemes, while a Gold or Silver Fund of Fund falls under the FoF framework.

Common Name	How to Classify It
Gold Fund or Gold ETF	Check whether it is an ETF or a FoF investing in an underlying Gold ETF
Silver Fund of Fund	An FoF investing mainly in an underlying Silver ETF or eligible silver scheme
Gold and Silver Fund	A commodity-oriented FoF or other permitted structure; allocation comes from the scheme mandate

International Mutual Funds

International funds provide exposure to markets outside India. They may invest through an overseas fund, ETF or index. The spreadsheet examples describe the investment destination, but the formal category is usually an overseas FoF or an international passive scheme.

Example	What It Means	Likely Structure
Emerging Markets Fund	Exposure to developing or emerging-market countries	Overseas regional or diversified equity FoF
Nasdaq 100 Fund	Exposure to companies in the Nasdaq 100 Index	International index fund, ETF or overseas FoF
China Equity Fund	Exposure to Chinese equities	Country-specific overseas equity FoF or another permitted overseas structure

International scheme availability can be affected by regulatory overseas-investment limits. Currency movements can also affect returns in addition to the performance of the underlying overseas market.

How to Check the Correct Category

A familiar product name does not always reveal the formal category. Before treating a scheme as large cap, hybrid, index, debt or FoF, check these documents and disclosures:

Scheme Information Document and Key Information Memorandum
The scheme's formal category and uniform description
Minimum and maximum asset-allocation limits
Benchmark and investment strategy
Riskometer, credit quality and portfolio duration where relevant
Latest portfolio disclosure and any merger or category-change notice

Quick Category Reference

Category Group	Included Official Categories
Equity	Multi Cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap, Flexi Cap, Dividend Yield, Value, Contra, Focused, Sectoral, Thematic and ELSS
Debt	Overnight, Liquid, Ultra Short Term, Ultra Short to Short Term, Money Market, Short Term, Medium Term, Medium to Long Term, Long Term, Dynamic Term, Corporate Bond, Credit Risk, Banking and PSU Debt, Gilt, 10 Year Constant Maturity Gilt, Floating Interest Rates and Sectoral Debt
Hybrid	Conservative Hybrid, Balanced Hybrid, Aggressive Hybrid, Dynamic Asset Allocation, Multi Asset Allocation, Arbitrage and Equity Savings
Life Cycle	Target-date schemes with a pre-defined maturity and glide path
Other	Index Funds, ETFs and Domestic or Overseas Fund of Funds

Complete Fund List: Every Name Supplied

The table below covers every heading and fund entry from the supplied master list. Obvious spelling errors and incomplete labels have been corrected, but no fund entry has been removed or merged merely because its name is not an official SEBI category. The detailed sections above explain what each fund means, its relevant current category and the applicable allocation rule.

Source Section	Every Name Included
Main List	Large Cap Fund; Mid Cap Fund; Small Cap Fund; Large and Mid Cap Fund; Mid and Small Cap Fund; Bluechip Fund; Multi Cap Fund; Flexi Cap Fund; ELSS Fund; Focused Fund; Contra Fund; Sectoral / Thematic Fund; Index Fund; Aggressive Hybrid Fund; Conservative Hybrid Fund; Multi Asset Fund; Multi Asset Omni Fund; Balanced Advantage Fund; Value Fund; Diversified Equity All Cap Omni Fund; Fund of Funds (FoF); Growth Opportunities Fund; Children's Gift Fund; Arbitrage Fund; Dividend Yield Fund; Equity and Debt Fund; Momentum Fund; Floater Fund
Sector Fund / Theme Fund	India Consumption Fund; Banking and Financial Services Fund; Business Cycle Fund; Banking and PSU Bond Fund; Pharma and Healthcare Fund; Defense Fund; Manufacturing Fund; Dividend Yield Fund; Digital India Fund; PSU Fund
Retirement Funds	Retirement Savings Fund (Aggressive); Retirement Savings Fund (Dynamic); Retirement Savings Fund (Conservative)
Commodity Funds	Gold Fund; Silver Fund of Funds; Gold and Silver Fund
Debt Fund	All Seasons Bond Fund; Corporate Bond Fund; Liquid Fund; Overnight Fund; Money Market Fund; Dynamic Bond Fund; Ultra Short Duration Fund; Low Duration Fund; Credit Risk Fund; Gilt Fund; Government Securities Fund; Income Fund; Floating Rate Debt Fund
Index Funds	Nifty 50 Index Fund; Nifty Next 50 Index Fund; Nifty 100 Index Fund; Nifty Midcap 150 Index Fund; Nifty Small cap 250 Index Fund; Nifty Large Midcap 250 Index Fund; Nifty 500 Index Fund; Sensex Index Fund; Sector Index Fund; Thematic Index Fund; International Index Fund
International Fund	Emerging Markets Fund; Nasdaq 100 Fund; China Equity Fund

Conclusion

The 2026 framework makes the mutual fund universe easier to read by placing schemes into five broad groups and defining the minimum allocation for each official category. The spreadsheet contains many useful fund names, but they do not all have the same regulatory status. Some are official categories, some are examples of sectors or indices, and others are older or descriptive product names.

For an accurate comparison, start with the formal category and then read the scheme's asset allocation, benchmark, investment strategy and risk disclosures. This shows what the fund can actually hold and how it is expected to behave.

Frequently Asked Questions

What is the difference between an Index Fund and an actively managed fund?

An Index Fund aims to follow a stated index and does not depend on active stock selection in the same way as an actively managed fund. An active fund manager selects securities with the aim of achieving the scheme’s stated objective and may differ significantly from the benchmark. Index funds can still carry market risk and may show tracking error.

What is the difference between Gold ETF and Gold Fund?

A Gold ETF is traded on the stock exchange and generally requires a demat and trading account. A Gold Fund usually invests in a Gold ETF and can be purchased like a regular mutual fund without exchange trading. Their costs, tracking difference, liquidity and investment process can differ.

Is Bluechip Fund a separate category?

No separate Bluechip category appears in the February 2026 equity table. The formal category should be confirmed from the scheme document, and it may commonly correspond to a large cap mandate.

What happened to retirement and children's mutual fund categories?

SEBI discontinued the earlier Solution Oriented Schemes category in February 2026. The status of an older retirement or children's scheme must be checked through its latest merger or classification notice.

Are Fund of Funds taxed and charged differently?

A Fund of Funds invests in other funds or ETFs, so investors should understand both the scheme-level expenses and the expenses of underlying funds. Tax treatment can depend on the portfolio structure and applicable tax rules. The latest scheme document and current tax provisions should be checked before investing.

Is Balanced Advantage a separate official category

Balanced Advantage is commonly used as a scheme name. In the 2026 category table, the relevant official category is Dynamic Asset Allocation Fund.

What does Omni mean in mutual funds?

In the FoF framework, Omni refers to a fund of funds that may use both active and passive underlying schemes. It is not a separate direct-equity category.

Are equity mutual funds suitable for short term goals?

Equity funds can experience sharp movements over short periods and may not be suitable for money required soon. Large Cap, Mid Cap, Small Cap, Flexi Cap and other equity categories carry different levels of volatility, but none of them guarantees short-term stability. The investment horizon should match the risk of the chosen category.

Sources and Disclaimer

Primary regulatory reference: Securities and Exchange Board of India, Categorization and Rationalization of Mutual Fund Schemes, circular dated 26 February 2026, Circular No. HO/24/13/15(2)2026-IMD-RAC4/I/5764/2026.

This article is for educational and reference purposes only. It does not recommend any fund or category and should not be treated as investment, tax or legal advice. Scheme mandates, tax rules and regulatory classifications may change. The latest official scheme and SEBI documents should be checked before making a financial decision.

Last Update : Oct 22, 2026

Published : Oct 22, 2026

Auther : Saurabh Kumar Srivastava

Publisher : Lucknow Lions

Tags : Types of Mutual Funds SEBI Mutual Fund Categories Equity Funds Debt Funds Hybrid Funds Index Funds Fund of Funds

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